Yes, the Bank records a net loss of Rs 629 cr in the September quarter as bad credit increases
New Delhi, November 1 () Yes The bank reported a consolidated net loss of Rs 629.1 rupees on Friday for the September quarter due to a sudden increase in bad loans.
The private sector lender had recorded a net profit of Rs 951.47 rupees in the corresponding period of the previous fiscal year. Sequentially, there was a net profit of Rs 95.56 crore in the first quarter that ended in June of this fiscal year.
Total (consolidated) income also fell to Rs 8,347.50 rupees during the period from July to September 2019-20, compared to Rs 8,713.67 rupees in the same period of 2018-19, the bank said in a regulatory document
Gross bad loans increased to 7.39 percent of gross advances as of September 30, 2019, from 1.60 percent a year ago. Net NPAs or bad loans also increased to 4.35 percent versus 0.84 percent.
Provisions for bad loans and contingencies increased to Rs 1,336.25 million compared to the previous Rs 942.53 million, the bank said.
On an independent basis, there was a net loss of Rs 600.08 crore during the quarter. The bank had published a net profit of Rs 964.70 crore in the second quarter of the previous fiscal year. Yes Bank shares closed at 66.6 rupees, 5.46 percent less than BSE on Friday. KPM NKD ABM